(WLNS) – Lansing and East Lansing have seen a surge in apartment buildings, and developers believe there is a need for the increase in units.
“A lot of people have expressed interest, we would like more units, more opportunities,” Patrick Gillespie, the President of Gillespie Group says after filling the first few apartment buildings over the past few years. The want and need for apartments in downtown Lansing is all about the “where.”
“Location, location, location. It is often the best real estate,” Gillespie said.
Other companies have also jumped on the bandwagon, including LEAP.
The company has invested millions of dollars in multiple projects, all within a mile or two of each other.
LEAP President Bob Trezise says location and demographics are both major factors, and for downtown Lansing, it’s all about the young professionals.
“That is the niche that is badly unfilled in our market place, especially downtown Lansing on Michigan Avenue,” Trezise said.
Economically, all this development hasn’t been the cheapest though.
“Construction prices have actually been escalating because there is a lack of trade workers right now and the economy is stronger. It’s really hard to get good prices for construction,” Director of East Lansing Planning, Building and Development Tim Dempsey said.
Developers told 6 News that even with the continual growth in development, there is still more to come, with the hope for more people making the move to the downtown area.